The Elements

By Andrea Schlapia   |   May 25, 2012

Stay Competitive By Adopting A Higher Value Business Model For Your Firm

Categories: Blog, Business Model, Strategic Planning

In our first blog series focusing on strategic planning and your firm’s business model (http://aeschlapia.wordpress.com/2012/02/06/how-to-define-your-business-model-and-set-the-objectives-that-will-bring-it-to-life/) we reviewed types of business models including solo, silo and ensemble firms and how strong ownership mentality helps drive success and creates focus to leverage services offered to your clients.

We also identified that your business model explains the flow of money within your firm along with identifying the services that your clients find valuable with a focus on what the largest income generator for your firm is.

Your business model has been and needs to continue to evolve for a variety of reasons including industry commoditization and increased competition.  In order to stay competitive and set yourself apart from your competitors, adopting a higher value business model will be a vital part of your firm’s success.

The structure of your business must change in order to support your new business model If not you will experience:

  • declining revenue growth
  • deteriorating client satisfaction
  • increased levels of stress on your team
  • erosion of market share
  • loss of credibility

As you change your business model, you will need to solve complex wealth management problems and build stronger relationships with your clients, all of which will require added resources.  Clients are desperately seeking advisors that they can rely on.  Provide a business model that enables them to:

  • Trust that their advisor will act in their best interest at all times
  • Know their advisor is there when needed
  • Know that fees have been minimized
  • Retain control of their assets
  • Provide meaningful educational opportunities

Providing this type of business model is important, but do not forget to share your business model with your clients and prospects.  After all, you need to educate and demonstrate what makes you different from the rest!

Include the following items while you review and refine you business model:

  • Key Partners
  • Key Activities
  • Value Proposition
  • Customer Relationships
  • Customer Segments
  • Revenue Streams
  • Channels for Reaching Clients
  • Key Resources
  • Cost Structure

Ironstone can assist you in developing an up-to-date business model that meets the needs of your clients. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.

Contact us for assistance in starting and improving your Business Model.  We want to hear from you!   Share your best ideas here!  What challenges do you face in setting yourself apart from your competitors? We always love hearing from you!

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

You won’t want to miss our next in the series:  Business Development-Branding


Andrea Schlapia
Organizational Development and Human Capital

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life.

Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.

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Andrea Schlapia
Organizational Development and Human Capital
Connie Deianni
Mentoring and Employee Engagement
Guest Blogger
Practice Management
Dr. Heidi Maston
Organizational and Educational Leadership
Joe Kuhns
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Judith Bowman
Business Protocol
Laura Garfield
Idea Decanter Co-Founder
Marsha Schechtman
Strategic Partner
Mighty 8th Media
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Nicole Anglace
Special Projects
Ruthann P. Lacey, P.C.
Elder and Special Needs Law
 Scott D. Calhoun
Legal Counsel
Sharon Gottula
Idea Decanter Co-Founder
TailorMade
Strategic Partner
Ironstone
Practice Management
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